USDA analysts in their August report lowered forecast for world wheat production in marketing year 2023/24 to 793,3 million tonnes, compared to 796,6 million tonnes in the preliminary forecast, but higher than the result of the previous marketing year (789,9 million tons).
In particular, the forecast for the People's Republic of China was increased to 137 (140; 137,7) million tons, for the EU - 135 (138; 134,1) million tons, for Canada - 33 (35; 33,8) million tons and for the USA down to 47,2 (47,3; 44,9) million tons. In turn, the experts increased the forecast for the grain harvest in Ukraine to 21 (17,5; 21,5; 21,5) million tons, in Kazakhstan - 15 (14; 16,4) million tons and in Brazil - 10,3, 10 (10,6; XNUMX) million tons.
The forecast for the world wheat exports in the new season was also reduced to 211,8 (214,4; 213,9) million tons, as forecasts for Canada to 24,5 (26,5; 25,4) million tons and for the USA decreased to 19 (20; 20,2) million tons. At the same time, the forecast for Russian wheat exports was raised to 48 (47,5; 46) mln t.
In the August report, USDA analysts forecast global wheat stocks for the 2023/24 marketing year at 265,6 million tons, compared to 266,5 million tons in the July forecast (268,3 million tons). In particular, the forecast for the People's Republic of China was increased to 134,9 (137,1;138,8) million tons, the EU to 13,1 (14,6;17,1) million tons, the Russian Federation to 11,4, 12,4 (16,1;4,3) million tons and Egypt to 4,4 (4,6;XNUMX) million tons. At the same time, this estimate for the USA increased to 16,7 (16,1; 15,7) million tons.
Source: APKinform (Ukraine)